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Sunday, August 24, 2014

Daily analysis of major pairs for August 25, 2014

The USD/JPY has already tested
the supply level at 104.00. Should that supply level gets breached to the
upside, the next target in the chart would be the supply level at 104.50.

EUR/USD: This pair has been
able to continue its southward journey. As it was accurately forecasted, the
last rally in the market proffered a short-selling opportunity. On Friday,
August 22, 2014, the price closed at 1.3239. The price is now trading below the
resistance line at 1.3250; it might reach the support line at 1.3200 this week.

USD/CHF: This pair has been able to continue its northward journey.
As it was accurately forecasted, the last dip in the market proffered an
opportunity to go long. The resistance level at 0.9150 has already been tested,
and with renewed effort from the bulls, the price may close above that
resistance level and go further upwards to another resistance level at 0.9200.

GBP/USD: This is a weak market, and the
price has been able to stay below the distribution territory at 1.6600.
Following the current pause in the trending move, the price may test the
accumulation territory at 1.6550.

USD/JPY: The USD/JPY has already tested the supply
level at 104.00. Should that supply level gets breached to the upside, the next
target in the chart would be the supply level at 104.50. Right now, the Bullish Confirmation Pattern
in the market is very strong, and therefore, short trades are currently not
logical here.

EUR/JPY: This market is a bull market – as long as the price stays
above the demand zone at 137.00. There is a bearish retracement in the market
but it is likely that the price would turn upwards and test the supply zone at
138.00.